Midday Commentary: Preferreds firm in early trading; Public Storage, Power REIT list on NYSE

By Stephanie N. Rotondo

Phoenix, March 18 - Preferred stocks were inching higher Tuesday as the markets reacted positively to statements made by Russian president Vladimir Putin.

The comments assuaged fears that the country was gearing up to add more than Crimea to its borders.

The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning.

A trader said the new issue pipeline remained mum. However, Public Storage Inc.'s $225 million of 6.375% series Y cumulative preferreds - a deal that came March 10 - were admitted for trading on the New York Stock Exchange on Tuesday.

The ticker symbol is "PSAPY." A trader quoted the issue at $24.78 bid, $24.80 offered. Paper was trading at $24.78 at mid-morning, down from opening levels of $24.85.

Meanwhile, Power REIT's 7.75% series A cumulative redeemable perpetual preferreds also listed on the NYSE.

The company has been selling the preferreds in "at-the-market" offerings.

The ticker symbol is "PWPA."

The issue was trading around par early in the session.

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